SOL-“Play the Levels”

2-Hour Analysis:

Big Picture: Sol lacking momentum on the upside, hence failing to cling onto its gains. However as long as it can hold onto 48-45 region the triangle pattern remains valid. Price needs to gain momentum and pull a breakout above the falling channel resistance to escape of this heavy price action.

On Upside, for the previous several hours, the 50.05-51 area has served as a powerful resistance level. Following that is the important level of 53, which now coincides with the falling channel resistance. This is a must-break level for Sol to open any additional upside. Reclaiming this level is projected to open the door to 58.80 as the next upside goal, with a break above 58.80 opening the door to 62-64 as the next objectives.

On the Downside we have initial support at 48.30. This is a strong intra-day support level for Sol. The downside is shielded as long as this support holds, but breaching it would call upon lower support levels. Initially exposing Sol towards 45.90 followed by 44.80 and could possibly extend it towards 42.20.